Income Tax

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Income Tax


Taxation in Indian can be categorized as both direct and indirect taxes. Direct tax is a tax that is specifically based on the income, e.g. wage tax, etc. Direct tax is an income tax

Indirect tax: Indirect tax is a tax which is levied on goods or services. When you buy a cell phone or a new outfit, instead. Many indirect taxes are now subject to Goods and Services Tax

Income Tax (Direct Tax): Someone who receives an income above a certain amount will be liable to tax.The income may be from investments, income from pension, rent, and interest, income from mutual funds, selling of property or business or professional income. Income tax rates are determined in the Union Budget (in the Indian Parliament) at the start of the financial year. The tax paid on those revenues is assessed.

What is income tax eFiling?

Income tax can be paid in both forms, i.e. the Online Method and the Offline Form. Now all income tax returns will be submitted only through the ITR eFiling Process as per the Government Instructions.

ADVANTAGES OF INCOME TAX RETURN

Loans & Visa processing

If you apply for any loans, such as a home loan, car loan, etc., the availability and duration of the loan will depend on your earnings. It can be calculated by means of recorded ITRs. ITR will help your lender in assessing their repayment ability.

Ease in Availing Loans

Return on Income Tax is a prime condition of the bank and financial institution when the loan is being approved. Income reported in Income Tax Return shows your financial reputation that allows you to easily approve loans.

Claiming Refund

If any claim for refund is made to you forming the income tax agency, you would have to file a return to receive the petition. Or you could have paid your income tax in excess. You'll need to file ITR to get this refund. Most income-earners do not file ITR as they do. But, in your name, your employer could have paid more tax. Not taking the actual house rent, school fees for children, tax-saving savings or insurances into account. So, ITR filing will allow you to get IT department refunds.

Carry-forward Losses

Losses can be carried forward and balanced against capital losses, in compliance with income tax law. But this only applies to those individuals who file ITR during the corresponding assessment year. If you have incurred a year's loss and gained below the exemption mark. You must file the returns in order to be able to pass on the losses you have suffered. And it's working against future gains and income. The capital losses can be carried forward for eight consecutive years, as provided for in the IT Act.

Establishing Income in Insurance Cases

While the Motor Vehicles Act does not make it law to present the ITR when assessing the insurance in case of accidental death or injury, the procedures approved by Delhi High Court mention the need for ITR for self-employed persons.It helps in determining the person's income to arrive at a fair payout.

Individual self-employed filing for tenders

Businessmen, contractors and partners will not obtain any Form 16. ITR receipts are an essential document for those self-employed citizens. ITR is their only evidence of profit and tax payment in all sorts of financial transactions. And if they want to consider a contract or a tender,They may be asked to submit receipts from their tax returns for the previous 3 to 5 years.

Being a Responsible Citizen:

Helps to stay on the right side of law. Likewise, keeping the income tax department aware of your income and taxability also helps. It can only be achieved when you file an ITR. Those who earn less than the required revenue slab can voluntarily file returns. Filing the returns is a confirmation that you are a taxpayer responsible.

Avoid Penalty

This year, a new provision has been implemented by the government in the Income Tax Act-1961, i.e. provision 234F, where failure to file ITR on the due date attracts a mandatory penalty of up to 5,000/- which may increase to up to 10,000/- if not filed.

Get TDS Refund Back

If your consumer or employer deducts your TDS when making the payment, you will be liable for tax refund. You will claim your TDS credit while filing Income Tax Return and get a refund back excess TDS deducted from your net tax liability.

Can input or carry forward losses

Timely filing of income tax returns helps you to carry forward your company and capital losses, if any, during a financial year that can be measured against income received in the subsequent years and eventually save your taxes.

Income Tax Return Registration Process

ITR filing is easy but a professional would be needed to complete the same. TaxxInn is experienced in ITR filing with an experience of registering more than 10000 filing throughout India.

Types of income which are considered in filing income tax?

  • Salary and pension benefits are covered under income tax
  • Revenue from the selling of an asset, such as mutual funds, bonds, house property are income from capital gain
  • Business and Professional profit is whether you're a self-employed person, work as a freelancer or contractor, or run a company. Life insurance agents, chartered accountants, doctors and lawyers with their own practice, educators
  • House income is mainly rental income

Type of income tax return

ITR 1

The ITR-1 income tax must be paid by taxpayers who earn a salary and have income from a home. For Year 2018-2019, file ITR-1 online. ITR-1 is an individual's most commonly used method to file their tax returns with India's Department of Income Tax. Individuals with earnings in the range of 50 Lakhs who earned their income Just one house property and other outlets like lottery tickets, racehorses, legal gambling etc. are liable to file their IT Report using ITR-1 for the financial year by salary or pension. Assessors with income from foreign properties, agricultural income above Rs.5000, business or occupation income and income from more than one house property are not required to file using ITR-1 form

ITR 2

ITR-2 can be used to file income tax returns for individuals and HUFs with DIN or income received by a business entity. File ITR-2 online or download PDF. The ITR-2 Form is an essential Income Tax Return form that both Indian residents and non-resident Indians use to file their tax returns with the Indian Income Tax Department.

ITR 3

Income Tax Return Form ITR-3 may be used to file income tax returns for individuals and HUFs with income from the company or occupation of proprietorship. In particular, the ITR-3 Form refers to those Individuals and Hindu Undivided Families who have qualified or proprietary profits. Where an Individual/HUF has income as a member in a joint firm that conducts business / profession, and can not file ITR-3. He is required to file ITR 2 in such a situation.

ITR 4

It can be used by individuals, Hindu Undivided Families who operate a company with a turnover of less than 2 Crores and Professionals with gross receipts of more than 50 Lakhs, provided they have opted for the presumptive income scheme in compliance with Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.

ITR 5

It can be used to file income tax returns for partnership firms, LLPs, and AOPs. ITR-5 returns may include tax audit based on company turnover. ITR-5 Form can be used by businesses, limited liability partnerships (LLPs), associations of persons (AOPs) and individuals (BOIs), artificial legal entities,Cooperative society and local government, provided that they don't have to file income taxes under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., trusts, political parties, institutions, schools, etc.

ITR 6

This type is used by private limited company, limited company and one individual company registered in India to file income tax returns. Only companies that do not claim exemption under section 11 (Income from property kept for purposes of charity or religion) Could use the form to submit your tax returns to the Indian Department of Income Tax.

ITR -7

It is used to file income tax returns for Indian-registered charitable trusts, political parties, schools, universities and academic institutionsRegistered in IndiaITR-7 Form can be used by Corporations, Companies, Local Authorities, Associations of Persons (AOP) and Artificial Judiciary as one of the following

  • Charitable / Religious Trust under Section 139(4A
  • Political Party under Section 139(4B)
  • Scientific Research Institutions under Section 139(4C)Universities or colleges or
  • universities or industries in Khadi and Towns under Section 139(4D)

Tax slabs for Income Tax:

Income RangeTax rateTax to be paid
Up to Rs.2,50,0000Non-tax
Between Rs 2.5 lakhs and Rs 5 lakhs5%5% of your taxable income
Between Rs 5 lakhs and Rs 10 lakhs20%Rs 12,500+ 20% of income above Rs 5 lakhs
Above 10 lakhs30%Rs 1,12,500+ 30% of income above Rs 10 lakhs

Documents Required

PAN card

Bank Statment

Form 16 & 16A

Digital Signature Certificate

Who should file income tax?

Income tax is filed for both taxable income (salaries, salaries and commission) and to unearned income (dividends, interest, and rents).

  • Any corporation, whether private limited, LLP or partnership, irrespective of profit or loss, must file IT returns
  • Individuals with profit from mutual funds, bonds, securities, fixed deposits, interest income, household property, etc.
  • Individuals receiving income from charitable trusts, religious trusts or voluntary contributions
  • Individuals or companies seeking to receive tax refunds
  • Salaried individuals whose gross profit until deductions pursuant to section 80C to 80U exceeding the exemption limit.
  • All individuals with foreign income, foreign properties, NRIs and software professionals on site deputation
  • Those who have selected one job from another are eligible too.
  • Taxpayers with a maximum income of Rs. 5 lakh and above Person or Hindu resident undivided family with properties outside India.
  • Taxpayer needed to file an audit report carried out in sections 10(23C)(IV), 10(23C)(VI), 10(23C)(VI), 10(23C)(via), 10A, 12A(1)(b), 44AB, 80IA, 80IB, 80ID, 80JJAA, 80LA, 92E or 115JB of the income tax act.
  • Resident who owns a signing authority in any account outside India.
  • Taxpayer claiming relief or deductions under section 90 or 90A
  • Everything Companies

HIGHLIGHTS

Limited Liability

ITR 1

This ITR filing is for individuals whose income from Salary, Pension, House Property, or Other Sources upto INR 50 Lakhs.

Separation of Mangement & Shareholders

ITR 2

This return is for Individuals & HUF whose income is from salary, pension, house property, capital gains, foreign asset/income or other sources.

Separate Legal Entity

ITR 3

This income tax return is for Individuals & HUF having income from profit and gains of business or profession (PGBP).

Perpetual Succession

ITR 4

This ITR Filing is for Individuals or HUF who have income from PGBP but have opted for presumptive income scheme.

Easy Equity Funding

ITR 5

This return is for Firms, LLPs, Body of Individuals (BOI) and Association of Persons (AOP)

Taxation

ITR 6

This return is for all type of companies such as Public Limited Company, Private Limited Company, OPC, except Section 8 Company.

FAQs on Income tax

  • For individuals, the final filing date of the Income Tax Return is July 31 of the next financial year
  • For corporations and entities seeking a tax audit under section 44AB, the last filing date of the Income Tax Return is September 30 of the next financial year.
If you are supposed to file income tax returns but have failed to do so, you are liable to pay INR 5000 Q penalty.
You should file revised return & remedy errors / errors. The updated report can be filed at any time until 1 year from the end of the current appraisal year.
  • If your overall income is greater than 50 lakhs
  • If you have foreign assets if you have more than Rs. 5,000 in agricultural income.
  • whether you have taxable capital gains
  • If you have business or profession revenue
  • If you have income from more than one house
The old tax form ITR-4 was changed to ITR-3. If you have e-filed an ITR-3 for FY 2015-16, you need to file an ITR-2 right now
No, hiring CA for the filing for income tax return is not necessary. Financial & legal knowledge is required to file ITR. Therefore recruiting a specialist for the Job is advisable.Taxinn has expertise and better understanding plus our professional team can easily get the job done online when you are sitting back at your place and relaxing.
Yes,Taxxinn is an online platform that serves no matter how you do business all you need is internet connectivity on your smartphone or desktop and we are ready to get your job done.
No, you don't have to be physically present for the operation, Taxxinn is an online service platform all you need is an internet connection in your phone / computer and the necessary documents with you, and we will get the job done without any problems even if you are present at India's most remote spot.
For challan 280, you can pay the tax directly on the website of the Income Tax Department using your Netbanking account
Yeah, you should file for the last 2 years of any given financial year.
Taxpayers are not required to attach any documentation such as investment proof, TDS certificates, for ITR return forms along with income return (whether manually filed or electronically filed). These documents, however, should be maintained by the taxpayer and sent to the tax authorities as requested in scenarios such as assessment, inquiry, etc.
You will claim the excess tax as refund by filing your income tax return. This will be refunded by ECS transfer and credited back to your bank account. It is necessary to ensure that no mistakes are made when mentioning bank account details in the ITR form such as account number, IFSC code etc.
You will file your report before the due date, if you have suffered a loss in the financial year and if you want to carry forward to the following year for adjustment of positive profits from subsequent years. Loss will only be forwarded if you filed the return claiming the loss before the due date.

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